Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Pfizer Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	Jun 29, 2025	Mar 30, 2025	Dec 31, 2024	Sep 29, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Oct 1, 2023	Jul 2, 2023	Apr 2, 2023	Dec 31, 2022	Oct 2, 2022	Jul 3, 2022	Apr 3, 2022	Dec 31, 2021	Oct 3, 2021	Jul 4, 2021	Apr 4, 2021	Dec 31, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020
Short-term borrowings, including current portion of long-term debt	4,295)	4,470)	6,946)	9,699)	11,944)	8,232)	10,350)	2,548)	3,985)	4,188)	2,945)	4,040)	5,990)	645)	2,241)	3,629)	3,888)	4,352)	2,703)	13,363)	13,084)	16,007)
Trade accounts payable	5,166)	5,240)	5,633)	5,314)	5,106)	5,591)	6,710)	5,338)	6,081)	6,123)	6,809)	6,267)	6,208)	5,506)	5,578)	4,698)	4,327)	4,064)	4,309)	4,141)	3,872)	3,972)
Dividends payable	2,445)	—)	2,437)	—)	2,380)	—)	2,372)	—)	2,315)	—)	2,303)	2,245)	2,245)	—)	2,249)	2,191)	2,184)	—)	2,162)	2,112)	2,111)	—)
Income taxes payable	3,675)	3,105)	2,910)	2,877)	2,884)	3,192)	2,349)	1,898)	2,928)	1,969)	1,587)	3,071)	3,350)	3,177)	1,266)	4,496)	1,742)	1,401)	1,049)	1,430)	1,445)	1,150)
Accrued compensation and related items	2,447)	2,607)	3,838)	3,383)	2,566)	2,192)	2,776)	2,372)	1,972)	2,277)	3,407)	2,852)	1,997)	2,249)	3,332)	2,571)	2,015)	1,985)	3,058)	2,425)	2,042)	2,246)
Deferred revenues	1,123)	1,012)	1,511)	2,020)	2,528)	2,502)	2,700)	2,204)	1,286)	1,750)	2,520)	6,191)	3,804)	3,108)	3,067)	3,529)	4,291)	2,052)	1,113)	—)	—)	—)
Other current liabilities	18,575)	20,018)	19,720)	19,918)	16,411)	18,788)	20,537)	16,776)	16,080)	20,255)	22,567)	19,648)	23,816)	24,583)	24,938)	20,689)	17,217)	12,798)	11,526)	10,683)	10,169)	10,515)
Current liabilities	37,726)	36,452)	42,995)	43,211)	43,819)	40,497)	47,794)	31,136)	34,647)	36,562)	42,138)	44,314)	47,410)	39,268)	42,671)	41,803)	35,664)	26,652)	25,920)	34,154)	32,723)	33,890)
Long-term debt, excluding current portion	57,502)	57,639)	57,405)	58,002)	57,506)	61,307)	61,538)	61,048)	61,356)	31,704)	32,884)	32,629)	34,294)	35,656)	36,195)	36,250)	35,354)	35,347)	37,133)	49,785)	50,529)	36,281)
Pension and postretirement benefit obligations	2,130)	2,021)	2,115)	2,073)	2,040)	2,076)	2,167)	2,166)	2,184)	2,179)	2,250)	2,960)	3,257)	3,494)	3,724)	4,303)	4,939)	5,161)	5,411)	6,437)	6,430)	6,535)
Noncurrent deferred tax liabilities	2,481)	2,258)	2,122)	2,158)	2,227)	931)	640)	1,125)	1,232)	1,067)	1,023)	616)	558)	655)	349)	328)	4,161)	4,355)	4,063)	4,542)	5,409)	5,268)
Other taxes payable	3,313)	5,724)	6,112)	5,905)	6,532)	8,603)	8,534)	8,099)	8,052)	9,860)	9,812)	9,701)	10,990)	11,574)	11,331)	11,336)	11,259)	11,759)	11,560)	11,720)	11,468)	12,212)
Other noncurrent liabilities	13,931)	13,297)	14,150)	15,569)	16,094)	15,123)	16,540)	14,243)	13,404)	13,009)	13,181)	12,239)	11,312)	10,508)	9,743)	9,201)	8,228)	6,679)	6,669)	6,849)	6,811)	6,812)
Noncurrent liabilities	79,357)	80,939)	81,904)	83,707)	84,399)	88,040)	89,419)	86,681)	86,228)	57,819)	59,150)	58,145)	60,411)	61,887)	61,342)	61,418)	63,941)	63,301)	64,836)	79,333)	80,647)	67,108)
Total liabilities	117,083)	117,391)	124,899)	126,918)	128,218)	128,537)	137,213)	117,817)	120,875)	94,381)	101,288)	102,459)	107,821)	101,155)	104,013)	103,221)	99,605)	89,953)	90,756)	113,487)	113,370)	100,998)
Preferred stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	17)
Common stock	481)	481)	480)	480)	480)	480)	478)	478)	478)	478)	476)	476)	476)	476)	473)	473)	472)	472)	470)	470)	471)	470)
Additional paid-in capital	94,053)	93,856)	93,603)	93,477)	93,197)	92,997)	92,631)	92,496)	92,329)	92,153)	91,802)	91,359)	91,183)	90,844)	90,591)	89,973)	89,336)	89,002)	88,674)	88,161)	87,886)	87,680)
Treasury stock	(115,010)	(115,008)	(114,763)	(114,760)	(114,757)	(114,755)	(114,487)	(114,485)	(114,482)	(114,473)	(113,969)	(113,945)	(113,939)	(113,932)	(111,360)	(111,358)	(111,354)	(111,348)	(110,988)	(110,980)	(110,978)	(111,010)
Retained earnings	117,609)	119,590)	116,725)	121,060)	116,596)	121,318)	118,353)	126,411)	128,796)	131,101)	125,656)	122,966)	116,607)	111,193)	103,394)	102,252)	96,346)	95,158)	96,770)	100,284)	100,203)	101,000)
Accumulated other comprehensive loss	(8,438)	(8,581)	(7,842)	(7,971)	(7,816)	(7,758)	(7,961)	(7,966)	(8,102)	(8,289)	(8,304)	(8,225)	(7,119)	(6,157)	(5,897)	(5,649)	(4,758)	(4,664)	(11,688)	(12,676)	(13,246)	(13,131)
Total Pfizer Inc. shareholders’ equity	88,695)	90,338)	88,203)	92,286)	87,700)	92,282)	89,014)	96,934)	99,019)	100,970)	95,661)	92,631)	87,208)	82,424)	77,201)	75,691)	70,042)	68,620)	63,238)	65,259)	64,336)	65,026)
Equity attributable to noncontrolling interests	317)	299)	294)	272)	275)	276)	274)	270)	274)	266)	255)	260)	261)	261)	261)	276)	273)	245)	235)	236)	228)	312)
Total equity	89,012)	90,637)	88,497)	92,558)	87,975)	92,558)	89,288)	97,204)	99,293)	101,236)	95,916)	92,891)	87,469)	82,685)	77,462)	75,967)	70,315)	68,865)	63,473)	65,495)	64,564)	65,338)
Total liabilities and equity	206,095)	208,028)	213,396)	219,476)	216,193)	221,095)	226,501)	215,021)	220,168)	195,617)	197,204)	195,350)	195,290)	183,840)	181,475)	179,188)	169,920)	158,818)	154,229)	178,982)	177,934)	166,336)

An analysis of the quarterly financial data reveals several notable trends and movements in the company’s liabilities, equity, and related items over the observed periods.

Short-term borrowings and current liabilities: Short-term borrowings, including the current portion of long-term debt, show considerable volatility. After declining sharply from $16,007 million in March 2020 to $2,703 million in December 2020, the value fluctuates with intermittent spikes, peaking again at $10,350 million in March 2024 before decreasing to $4,295 million in June 2025. Overall, current liabilities follow a broadly similar pattern, rising from $33,890 million in March 2020 to a peak near $47,794 million in December 2023, before declining to $37,726 million by June 2025. These changes suggest active management of short-term obligations and liquidity positions.
Trade accounts payable: Trade accounts payable steadily increased from $3,972 million in March 2020 to a high of $6,809 million in December 2022, before showing some fluctuations around $5,240–5,633 million in 2024 and 2025. This increasing trend until late 2022 may indicate growing operational activities or delays in payments, followed by stabilization.
Dividends payable: Dividends payable appear intermittently, generally hovering around $2,100–2,400 million across the periods, with relatively stable amounts suggesting consistent dividend policies and expected payouts.
Income taxes payable: Income taxes payable display significant volatility. After rising from $1,150 million in early 2020 to a peak of $4,496 million by October 2021, this liability declines and fluctuates around $1,800 to $3,100 million in subsequent quarters. The initial spike may reflect timing of tax obligations or changes in tax planning, with later stabilization.
Accrued compensation and related items: Compensation-related liabilities experience fluctuations, decreasing from $2,246 million in March 2020 to a low of $1,972 million in July 2023, then peaking at $3,838 million in March 2025 before declining again. This variability may be tied to payroll cycles, bonus accruals, or changes in workforce compensation structures.
Deferred revenues: Deferred revenues start being reported from December 2020 at $1,113 million, increasing significantly to a peak of $6,191 million in October 2022 before declining to about $1,000–1,500 million by mid-2025. This pattern suggests a growth in advance billings or unearned revenue followed by recognition or refunds.
Other current liabilities and total current liabilities: Other current liabilities grow markedly from $10,515 million in March 2020 to a peak of $24,938 million in December 2021, followed by fluctuating decreases to around $18,575 million in June 2025. The overall current liabilities show a similar pattern, with a substantial peak in late 2023, likely reflecting temporal accruals, increased payables, or short-term financing activities.
Long-term debt, excluding current portion: Long-term debt levels exhibit general decline from $50,529 million in June 2020 to $31,704 million in April 2023. However, a sharp increase to over $61,000 million is observed in mid to late 2023, remaining relatively stable through mid-2025. This indicates either new debt issuance or refinancing activity during this period.
Pension and postretirement benefit obligations: These obligations steadily decrease over time from $6,535 million in March 2020 to approximately $2,130 million by June 2025, reflecting ongoing pension funding or remeasurements reducing the liability over the period.
Noncurrent deferred tax liabilities and other noncurrent liabilities: Noncurrent deferred tax liabilities fluctuate inconsistently, with a sharp drop from $4,161 million in July 2021 to a low of $328 million in October 2021, followed by gradual increases to about $2,481 million by June 2025. Other noncurrent liabilities increase steadily from $6,812 million in March 2020 to a peak around $16,540 million in December 2023, with some decline afterwards, indicating growth in long-term obligations or accrued expenses.
Other taxes payable: Other taxes payable decrease overall from $12,212 million in March 2020 to $3,313 million in June 2025, with notable declines beginning in 2023, possibly due to changes in tax strategy or settlement of liabilities.
Total liabilities: Total liabilities rise from roughly $101,000 million in early 2020 to a maximum of $137,213 million in December 2023, then decline to about $117,083 million by mid-2025. This peak denotes increased leverage or obligations during this period with partial reduction afterward.
Shareholders’ equity and related components: Common stock remains nearly constant, reflecting stable share counts. Additional paid-in capital steadily grows from $87,680 million in March 2020 to $94,053 million in June 2025. Treasury stock balances are consistently negative and show gradual increases in absolute value, indicating continued buyback activity. Retained earnings rise from $101,000 million in March 2020 to $131,101 million in April 2023, then decline to around $117,609 million by June 2025, showing distribution or losses post-peak. Accumulated other comprehensive loss narrows from approximately -$13,131 million in March 2020 to about -$7,966 million in April 2023 and fluctuates thereafter, indicative of changes in pension, foreign currency adjustments, or valuation reserves.
Total equity: Total Pfizer Inc. shareholders' equity increases from $65,026 million in March 2020 to a high of nearly $101,236 million in April 2023 before descending to approximately $88,695 million by June 2025, showing periods of equity growth followed by contraction possibly due to market conditions, dividends, share repurchases, or retained earning fluctuations.
Total liabilities and equity: The combined total of liabilities and equity moves from $166,336 million in March 2020 to a peak near $226,501 million in December 2023, subsequently declining to $206,095 million by June 2025. This overall trend illustrates growth in the company’s balance sheet size through end of 2023, followed by a moderate contraction.

In summary, the data demonstrates active management of debt and liabilities with notable borrowing increases around 2023 and subsequent reduction. Equity growth trends peaked in early 2023, before partially reversing. Operational liabilities such as payables and accrued compensation show variability aligned with business cycles. Pension-related obligations steadily decline, while deferred revenues and other current liabilities experience significant fluctuations, reflecting changes in business activities and timing of obligations.

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Pfizer Inc. (NYSE:PFE)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data